Expenses - CSA Provision

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1995 ISDA Credit Support Annex (English Law)
A Jolly Contrarian owner’s manual

Paragraph 8 in a Nutshell
Use at your own risk, campers!

Paragraph 8. Expenses
Each party will be liable for its own costs (including stamp duties) of performing its obligations under this Annex).
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Paragraph 8 in full

Paragraph 8. Expenses
Each party will pay its own costs and expenses (including any stamp, transfer or similar transaction tax or duty payable on any transfer it is required to make under this Annex) in connection with performing its obligations under this Annex, and neither party will be liable for any such costs and expenses incurred by the other party.
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Related agreements and comparisons

Related Agreements
Click here for the text of Section 8 in the 2016 English Law VM CSA
Click here for the text of Section 10(a) in the 1994 New York law CSA
Click here for the text of Section 10(a) in the 2016 New York law CSA
Comparisons
1995 English Law CSA and 2016 English law VM CSA: click for comparison
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2016 English law VM CSA and 2016 NY Law VM CSA: click for comparison
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Resources and navigation

Resources Full wikitext | Nutshell wikitext
Navigation 1 (Interpretation) | 2 (Credit Support Obligations) | 3 (Transfers, Calculations and Exchanges) | 4 (Dispute Resolution) | 5 (Title Transfer etc) | 6 (Default) | 7 (Representation) | 8 (Expenses) | 9 (Miscellaneous) | 10 (Definitions) | 11 (Elections and Variables)

Index — Click the ᐅ to expand:

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Content and comparisons

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Summary

English law CSAs

Paragraph 8 of the 2016 English law VM CSA is identical to the equivalent in the 1995 English Law CSA. Being a function of the common law of contract, not to mention common sense — why would someone else be liable for your costs and expenses of performing a contract unless it specifically said they would be? — it falls into the goes without saying category. But ISDA’s crack drafting squad™ said it anyway.

NY law CSA

Paragraph 10(a) of the 2016 NY Law VM CSA is largely the same as Paragraph 8 of the English law versions — it carries on in 10(b) and 10(c) to rabbit on a bit about Posted Collateral — but, neglects to specifically call out stamp duty. How to deal with stamp duties is the subject of Paragraphs 10(b) and 10(c), of which there is no equivalent in the English law document.

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See also

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References